AUDUSD Analysis – August 21, 2010

AUDUSD remains in uptrend from 0.8066 and the fall from 0.9221 is more likely consolidation of uptrend. Deeper decline to 0.8700 area to reach next cycle bottom on daily chart is expected next week. Key resistance is at 0.9080, a break above this level will indicate that a cycle bottom has been formed, then another rise towards 0.9849 (2008 high) could be seen.

For long term analysis, AUDUSD has formed a cycle bottom at 0.8066 level on weekly chart. Rise towards 0.9849 (2008 high) is expected in next several weeks.

audusd daily chart